{"id":127864,"date":"2024-07-24T09:18:08","date_gmt":"2024-07-24T09:18:08","guid":{"rendered":"https:\/\/kinesis.money\/?p=127864"},"modified":"2024-07-24T09:18:08","modified_gmt":"2024-07-24T09:18:08","slug":"gold-range-bound-calm-conditions","status":"publish","type":"post","link":"https:\/\/kinesis.money\/de\/market-analysis\/gold-news\/gold-range-bound-calm-conditions\/","title":{"rendered":"Gold Price News: Gold Range Bound In Calm Conditions"},"content":{"rendered":"\n

Gold prices were little changed overall on Tuesday, with the markets seemingly in wait-and-see mode amid a lack of fresh drivers.<\/p>\n\n\n\n

Prices moved in a range of $2,389 to $2,412<\/a> an ounce on Tuesday, just within the previous day\u2019s range of $2,385 to $2,412 an ounce.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange <\/figcaption><\/figure>\n\n\n\n

The more stable conditions stood in contrast to the volatility seen in the week ending July 19, which saw prices slump for three consecutive days after hitting fresh all-time highs of over $2,484 an ounce on July 17.<\/p>\n\n\n\n

A lack of influential macroeconomic data at the start of the week gave gold traders little to go on for direction, leaving markets looking ahead to Wednesday\u2019s monthly manufacturing data from several countries including India, France, Germany, UK and the US. Then on Thursday, the markets will get an update on the US economy with GDP figures for Q2.<\/p>\n\n\n\n

In the exchange market, open interest on gold futures contracts increased for a fourth consecutive week in the week to July 19, according to World Gold Council data: Gold Open Interest Chart 2021 | World Gold Council<\/a>. Moreover, gold net long positions on the Comex increased by 13% to 897 tonnes in the week to July 16, from 794 tonnes the previous week, the figures showed.<\/p>\n\n\n\n

In other news, India has slashed its import duties on gold and silver to 6% from the previous 15%, according to news reports on Tuesday, quoting India\u2019s finance minister Nirmala Sitharaman, in a budget speech. While the move is seen as an attempt to reduce smuggling, the lower tariffs will cut the cost of importing gold and silver, which is likely to boost retail demand in India \u2013 one of the world\u2019s largest consumers of precious metals.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
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Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold prices were little changed overall on Tuesday, with the markets seemingly in wait-and-see mode amid a lack of fresh drivers.<\/p>\n","protected":false},"author":50,"featured_media":127893,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-127864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Range Bound In Calm Conditions | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Wednesday 24th of July 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" 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